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☆ Zoom invests in AI startup Anthropic in latest effort to spruce up offerings
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Zoom Video Communications Inc (ZM.O) said on Tuesday it has invested an undisclosed sum in Anthropic and will integrate the artificial intelligence start-up's technology into its video-conferencing platform. The move marks the latest effort by Zoom to spruce up its offerings with AI as it competes against Microsoft Teams, the dominant video-conferencing tool for enterprises. Under the collaboration, Anthropic's Claude - a large language model that competes directly with offerings from Microsoft-backed OpenAI - will be integrated with Zoom's platform. In March, Zoom had announced a partnership with OpenAI to add AI-driven capabilities such as conversation summaries and message drafts to its Zoom IQ assistant. Reporting by Akshita Toshniwal in Bengaluru and Krystal Hu; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ UK nanotech firm Nanosynth proposes to enter voluntary liquidation
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: 1 min

May 16 (Reuters) - Nanosynth Group (NNNN.L) said on Tuesday it has proposed to enter into creditors' voluntary liquidation, after an unsuccessful attempt to procure necessary funding. The company had flagged the lack of cash resources last month, saying it was evaluating potential funding options. Creditors' voluntary liquidation - the most common type of insolvency - is a liquidation procedure that enables a company to be wound up by resolution of its members instead of a court order. The AIM-listed firm, which specializes in the synthesis and application of nanoparticles to create products, had a market capitalization of 1.76 million pounds ($2.22 million), according to Refinitiv data. ($1 = 0.7923 pounds)Reporting by Eva Mathews in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Tellurian appoints Barclays' Simon Oxley as CFO
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: 1 min

Companies Tellurian Inc FollowMay 10 (Reuters) - U.S. liquefied natural gas (LNG) developer Tellurian Inc <TELL.A> said on Wednesday it has appointed Simon Oxley as chief financial officer, effective June 1. Oxley, who worked at Barclays Investment Bank as co-head of Oil & Gas Investment Banking for Europe, the Middle East, and Africa, will take over from Khaled Sharafeldin, who had been serving as the interim finance chief after Kian Granmayeh resigned from the CFO position in March. Oxley joins Tellurian after its Driftwood project has seen many setbacks including the cancellation of some LNG supply deals after two major potential customers last year raised concerns around the company's ability to finish the project. Reporting by Arshreet Singh; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Investment consortium to buy Syneos Health in $7.1 bln deal
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - An investment consortium, comprising of Elliott Investment Management, Patient Square Capital and Veritas Capital, has agreed to buy Syneos Health Inc (SYNH.O), in a deal valued at $7.1 billion, including debt, the contract research firm said on Wednesday. Syneos said the consortium will pay about $43 per share in cash, which represents a premium of about 12% to the company's last close of $38.45. The deal comes at a time when Syneos faces challenges in winning new business, as many of its clients, which includes medium-sized biotechs, have cut spending as they have found it difficult to raise funding in a post-COVID-19 market downturn. Deal comes days after a private-equity groups including Warburg Pincus and Advent International agreed to buy Baxter International (BAX.N) biopharma solutions unit for $4.25 billion. Reporting by Bhanvi Satija and Khushi Mandowara in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Investment consortium to take Syneos private for $4.46 billion
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

May 10 (Reuters) - An investment consortium, comprising of Elliott Investment Management, Patient Square Capital and Veritas Capital, has agreed to take Syneos Health Inc (SYNH.O) private for $4.46 billion, the contract research firm said on Wednesday. Syneos said the consortium will pay about $43 per share in cash, which represents a premium of about 12% to the company's last close of $38.45. The acquisition is valued at $7.1 billion including debt. Syneos, which helps pharmaceutical companies with clinical trials and marketing their drugs, currently carries a debt of nearly $3 billion. The company reported a total backlog of contracts of $9.83 billion, as of March 31, 2023, down from $11.63 billion at the end of the first quarter of 2022.

☆ U.S. FDA advisers back OTC use of Perrigo's birth control pill
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - A U.S. Food and Drug Administration advisory panel on Wednesday voted in favor of using Perrigo Co's (PRGO.N) contraceptive without a prescription, paving the way for the country's first approval for an over-the-counter birth control pill. The panel remained positive on the effectiveness of the pill, not only in the general population of women but also in adolescent populations and those with limited literacy. Perrigo's Opill, currently approved for prescription use, would be the first OTC non-estrogen contraceptive pill in the United States if approved by the regulator. The FDA generally follows the advise of its experts, though it is not bound to do so. Reporting by Sriparna Roy and Nandhini Srinivasan in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Duke Energy misses profit estimates as warm weather weighs on power usage
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Duke Energy Corp (DUK.N) on Tuesday missed Wall Street estimates for first-quarter profit, as the gas and electric utilities firm was hit by unfavorable weather, higher interest expenses, and lower volumes. Warmer-than-normal weather in the states serviced by the company weighed on customers' electricity needs for heating in colder months. Duke's electric utilities, which serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, saw income fall about 12% to $791 million from last year. Meanwhile for its gas utilities, which serve 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky, income rose about 13% to $287 million for the quarter, aided by better retail margins. Duke said it earned $1.20 per share, on an adjusted basis, in the January-March quarter.

☆ Canada's Cenovus Energy shuts down some production due to Alberta wildfire
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

Companies Cenovus Energy Inc FollowMay 8 (Reuters) - Canada's Cenovus Energy Inc (CVE.TO) said on Monday it has shut down production plants in some areas of its conventional business, due to wildfires in Alberta. The company added that production of about 85,000 barrels of oil equivalent per day has been impacted in Cenovus' Rainbow Lake, Kaybob-Edson, Elmworth-Wapiti and Clearwater operating areas. Cenovus, one of Canada's top energy producers, said it was working with provincial and municipal agencies to support efforts and staff in the area. The company added that its 2023 production outlook remains unchanged. Canada's main oil-producing province Alberta on Saturday declared a provincial state of emergency due to wildfires.

☆ Walmart names insider Latriece Watkins as US merchandising chief
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Walmart Inc (WMT.N) appointed Latriece Watkins as its U.S. chief merchandising officer, according to a memo seen by Reuters on Friday, days after Charles Redfield stepped down from the role. Watkins, who joined the company 24 years ago, has served in several roles across Walmart U.S. and Sam's Club. Last month, Walmart U.S. CEO John Furner wrote to associates that Redfield would step down and assume an advisory role supporting the U.S. business effective May 1. Watkins' appointment takes place at a time when consumer spending power has been reduced by high inflation, hurting Walmart's business and leading the company to adopt a cautious stance on 2023. "We have a rich history of strong leaders who embrace this constant change, set bold visions for our teams and best represent the humanity that is Walmart," Furner wrote in the memo.

☆ India's Go First cancels flights until May 12
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: 1 min

May 5 (Reuters) - Indian airline Go First said on Friday it is cancelling its flights until May 12, days after the cash-strapped company filed for bankruptcy. Earlier on Tuesday, the airline blamed "faulty" Pratt & Whitney GTF engines for the grounding of about half its fleet leading to the bankruptcy filing. read moreThe owner of Go Airlines has no plans to exit the budget carrier, the airline's CEO told Reuters on Wednesday. read moreGo First, formerly known as GoAir, had abruptly cancelled its flights since the bankruptcy filing, earlier cancelling flights scheduled from May 3 to May 5, before announcing on Thursday that flights had been suspended until May 9. Reporting by Rahat Sandhu in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ India's exports likely to touch $900 bln in 2023/24 -exporters
▼ + stars: | 2023-05-04 | by ( Manoj Kumar | ) www.reuters.com time to read: +2 min

REUTERS/Shailesh AndradeNEW DELHI, May 4 (Reuters) - India’s exports of goods and services could touch $900 billion in the current financial year, up from $770 billion in the previous year, keeping resilient despite global headwinds, a top official of a grouping of exporters said. India’s exports have increased by more than $200 billion in the last two years, led by a surge in exports of software, mobile exports, and agricultural and petroleum products. Exports of agricultural, petroleum, and electronic goods remained strong in the Western markets due to pricing factors while exports to Asian and Middle east countries have grown substantially, exporters said. "Indian exporters are hopeful that both countries would soon work out a mechanism allowing payments in local currencies that would facilitate the shipments of Indian goods to Russia," Sahai said. But Indian officials have said Russia was reluctant to accept payments in the rupee currency for its oil exports.

☆ Insurer AIG exceeds profit estimates on strong underwriting gains
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

May 4 (Reuters) - American International Group Inc (AIG.N) beat market estimates for first-quarter profit on Thursday, as record underwriting gains cushioned the blow from lower alternative investment returns. AIG, one of the world's biggest commercial insurers, said net premiums written in its general insurance for the quarter ended March grew 5% to $6.97 billion. Total consolidated net investment income rose 9% to $3.5 billion, partially offset by lower alternative investment income, AIG said. The New York-based company's general insurance underwriting income rose 13% to $502 million, its strongest first-quarter underwriting results, the insurer said. The general insurance accident year combined ratio was 88.7%, compared with 89.5%, a year earlier.

☆ Macquarie sees higher income from commodities arm, logs record profit
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Australia's Macquarie Group (MQG.AX) on Friday forecast higher short-term income from its lucrative commodities trading business as price volatility and increased hedging boosted the company's annual profit to a record high. The Sydney-based firm's Commodities and Global Markets segment posted a net profit of about A$6 billion ($4.02 billion), 54% higher than last year, as more customers hedged against volatile energy markets. In the short term, the company expects consistent contributions from client and trading activity in the financial markets platform. It also bumped up its final dividend to A$4.50 per share from A$3.50 per share a year earlier. ($1 = 1.4932 Australian dollars)Reporting by Roushni Nair and Rishav Chatterjee in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Bumble posts robust quarterly revenue on sustained user spending
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Bumble Inc (BMBL.O) beat estimates for first-quarter revenue on Thursday as user spending on its dating app remained strong despite a looming recession, sending the company's shares up 4.6% in aftermarket trading. The parent company of the eponymous dating app, Badoo, and Fruitz, benefited from strong user growth during the quarter as more people opted to pay to find love and companionship. The company reported revenue of $242.9 million in the quarter ended March 31, compared with analysts' estimates of $241.0 million, according to Refinitiv data. Bumble, however, reported its slowest revenue growth since going public in February 2021, with first-quarter revenue rising 15.7% year-over-year. Total paying users increased to 3.5 million in the reported quarter, from 3 million a year earlier.

☆ Booking Holdings beats profit estimates on strong travel demand
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Booking Holdings Inc (BKNG.O) reported a better-than-expected profit for the first quarter on Thursday, as the online travel agency benefited from pent-up demand that drove consumers to book flights and hotels despite worries of an imminent recession. While experts in the industry largely remain confident about demand in the near-term, high inflation and concerns around a potential slowdown, however, threaten consumer spending. Last month, U.S. hotel operator Hilton Worldwide Holdings Inc (HLT.N) signaled signs of travel demand weakening in the second half of the year after it raised its full-year profit outlook. Booking reported an adjusted profit of $11.60 per share in the quarter ended March 31, compared to analysts' estimate of $10.61 per share, as per Refinitiv data. Reporting by Priyamvada C and Aishwarya Nair in Bengaluru; Editing by Maju Samuel and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Microsoft helping finance AMD's expansion into AI chips- Bloomberg
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: 1 min

May 4 (Reuters) - Microsoft Corp (MSFT.O) is working with Advanced Micro Devices Inc (AMD.O) on the chipmaker's expansion into artificial intelligence processors, Bloomberg News reported on Thursday, citing people with knowledge of the matter. Shares of AMD climbed 9% on the news, while Microsoft shares were up about 1%. The software giant is providing financial support to bolster AMD's efforts, and working with the chipmaker on a homegrown Microsoft processor for AI workloads, code-named Athena, the report said. Several hundreds of employees working at a silicon division at Microsoft are now working on the Athena project, the report added. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

May 3 (Reuters) - Etsy Inc (ETSY.O) on Wednesday beat market expectations for quarterly revenue, benefiting from demand for products such as personalized gifts offered on its e-commerce platform as well as higher transaction fees, sending the company's shares up about 2% in extended trading. Net revenues rose 10.6% to $640.9 million in the quarter ended March 31, compared with analysts estimate of $622.1 million, as per Refinitiv IBES data. The company forecast second-quarter revenue between $590 million and $640 million, while analysts expected $625.4 million. Etsy's first-quarter adjusted EBITDA, a measure of profitability, came in at $170.3 million, while analysts on average were expecting $166.6 million. Reporting by Granth Vanaik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Freshworks tops revenue estimates as lower-priced offerings boost demand
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - Freshworks Inc (FRSH.O) beat quarterly revenue estimates on Tuesday and posted its first adjusted operating profit as more businesses sought its lower-priced customer engagement software in a tough economy. Freshworks, whose products compete with Salesforce Inc (CRM.N) and Zendesk, told Reuters that the downturn was driving more companies to its more affordable offerings. The San Mateo, California-based company's revenue rose 20% in the first quarter ended March to $137.7 million, compared with analysts' estimates of $134.3 million, according to Refinitiv. It posted an adjusted operating profit of $3.9 million. The company forecast second-quarter revenue largely in line with estimates, while its forecast for adjusted profit was above estimates.

May 2 (Reuters) - Match Group (MTCH.O) on Tuesday forecast second-quarter revenue below analysts' expectations, but said it is seeing signs of growth at Tinder after it made changes at the dating platform. Shares of the company, whose revenue per paying user grew by about 2% from a year earlier, rose 3% in volatile trading after the bell. The company forecast current-quarter revenue between $805 million and $815 million, compared with analysts' average estimate of $822.3 million, according to Refinitiv. Match Group said it saw paying users across its family of dating apps fall 3% from a year earlier to 15.9 million. The company reported revenue of $787 million in the three-month period ended March 31, compared with analysts' average estimate of $793.8 million.

☆ BlackBerry to review strategic options for its business
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 1 (Reuters) - BlackBerry (BB.TO) said on Monday it will conduct a review of strategic alternatives, which include the possible separation of one or more of the company's businesses. The Canadian technology company's US-listed shares rose 7% in trading after the bell. BlackBerry said it has not set a timeline for the process and does not intend to disclose developments related to the review unless the board has approved a specific agreement or has ended the process. The company added it will continue with the previously announced sale of substantially all of its non-core patents and patent applications related to is mobile devices to Malikie Innovations Limited, a newly formed unit of intellectual property monetization firm Key Patent Innovations Ltd.Once known for its phones with a tiny QWERTY physical keyboard and the BBM instant messaging service, BlackBerry's core businesses today are cybersecurity and software used by automakers. Reporting by Chavi Mehta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ European e-scooter operator TIER Mobility explores merger - Sky News
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 1 (Reuters) - Berlin-based e-scooter operator TIER Mobility is working with bankers at Qatalyst Partners for a potential merger or sale with a rival, Sky News reported on Monday. The talks, however, did not produce satisfactory terms for TIER, the report said, citing industry sources. TIER Mobility and Qatalyst Partners did not immediately respond to Reuters requests for comment. In 2021, the Softbank-backed TIER bought bike-sharing firm Nextbike to create Europe's largest provider of shared lightweight vehicles. TIER Mobility operates in 10 countries and employs about 900 people, according to its website.

☆ Pentagon awards $7.8 billion F-35 contract to Lockheed Martin
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: 1 min

April 28 (Reuters) - The U.S. Department of Defense said on Friday it has awarded a $7.8 billion contract modification for 126 F-35 multi-role aircraft to weapons manufacturer Lockheed Martin Corp (LMT.N). The modification exercises options for the production and delivery of 126 Lot 17 F-35 aircraft, to include 81 F-35A aircraft for U.S. Air Force and its allies. The order for Pentagon's most expensive weapons system, expected to be completed in August 2026, also includes 15 F-35B aircraft for the U.S. Marine Corps and 13 F-35C for the U.S. Navy. Last year, the U.S. Department of Defense agreed with Lockheed Martin to build about 375 F-35 fighter jets over three years in a deal worth $30 billion. Reporting by Arshreet Singh; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ US FDA panel backs restricted use of AstraZeneca's prostrate cancer drug
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

April 28 (Reuters) - A panel of U.S. Food and Drug Administration advisers on Friday voted for the restricted use of British drugmaker AztraZeneca Plc's (AZN.L) experimental treatment, jointly developed with Merck & Co (MRK.N), for a type of prostate cancer. The FDA panel voted 11-1 with one abstention, in favor of Lynparza, in combination with other medications – abiraterone and prednisone or prednisolone – as a first-line treatment for a type of treatment-resistant prostate cancer in adult patients. They were withdrawn last year as second line of treatment for ovarian cancer patients after the FDA limited the use of PARP inhibitors and requested companies to pull the drug. Lynparza is already approved by the FDA to treat a type of breast cancer, ovarian cancer, as well as a different form of prostate cancer. Prostate cancer is the most common form of cancer among men in the United States with about 288,300 new cases in 2023, according to the American Cancer Society's estimates.

☆ Pinterest's ad woes hurt revenue growth, shares slump
▼ + stars: | 2023-04-27 | by ( Vansh Agarwal | ) www.reuters.com time to read: +2 min

While Pinterest said that the ad market was stabilizing, it warned the market was still uncertain. Shares of peer Snap Inc (SNAP.N) fell about 18% aftermarket on weak first-quarter revenue and the company warned it could miss estimates for the second as well. Analysts on average had expected $592.99 million, according to Refinitiv data. Pinterest said it expected revenue growth in the current quarter to be in line with revenue growth in the first quarter and the fourth quarter of 2022. Fourth quarter revenue grew 4%.

☆ US shale producer Pioneer's founder and CEO Sheffield to retire
▼ + stars: | 2023-04-26 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Scott Sheffield, who built U.S. oil producer Pioneer Natural Resources (PXD.N) into the largest producer in Texas, will retire at the end of the year, the company said on Wednesday. With its $52 billion market value, Pioneer has repeatedly been discussed as a potential candidate for U.S. oil majors. Sheffield, 70, was Pioneer’s founding CEO from 1997 to 2016 and its chairman since 1999. In an interview, Sheffield declined to comment on merger rumors, noting Pioneer "will always do the right thing for shareholders." Richard Dealy, Pioneer's chief operating officer and former finance chief, was named CEO, effective upon Sheffield's retirement.

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